Over the years, our dependency on banks has increased in manifolds. Earlier, you had to primarily visit the banks to ensure the safekeeping of your money. Now, you can approach the bank to handle every small or big financial requirement. You can rely on the bank to secure your money, make transactions, invest, avail of credit, and do more.
Credit Cards are an incredible product as they let you access a decent line of credit and make cashless transactions. Every bank offers a Credit Card based on your financial profile. If you do not hold one, you can apply for Credit Card by following a simple procedure, either online or offline.
What is a Credit Card statement?
Credit Card statements are like Bank Account statements. Credit Card statements summarise all your credit transactions of that specific month’s billing cycle. Typically, you get the Credit Card statement as and when generated by the bank on your email address. You can also download the statement from the bank’s online platforms.
Check the Credit Card statement thoroughly. Checking your Credit Card statement lets you track your spending and stay alert of unauthorised transactions.
What to check in Credit Card statements?
- Statement date – This is the first thing mentioned on your Credit Card statement. It is the date when the bank generates the Credit Card statement and sends it to you.
- Due date – It is the last date within which you need to make your Credit Card bill payment. Mark the date on your calendar and make sure not to miss it.
- Grace period – As per the Reserve Bank of India, you enjoy a grace period of three days if you miss the due date. This means you cannot draw any late payment penalty if you clear your dues within these three days. Any payment made after the completion of the grace period is considered a late payment and draws the applicable penalty.
- Transaction details – As mentioned, the Credit Card statement summarises all credit transactions you make during a specific month’s billing cycle. Check everything.
- Total due amount – At the end of the Credit Card statement, you can see the total due amount. You can repay the dues in one go or convert them into Equated Monthly Instalments.
- Minimum due amount – It is the minimum amount you need to pay towards your Credit Card.
- Available credit limit – You can learn about the line of credit still available for use. If you want, you can apply for a credit limit enhancement.
